Fuel

Gasoline Prices Steady as Hurricane Florence Strikes

The national average gasoline price remained static at $2.85 per gallon for the week ending Sept. 17.

Photo by Vince Taroc.

The national average gasoline price held firm at $2.85 for the week ending Sept. 17 as Hurricane Florence brought record-breaking rain to the Carolinas over the weekend and caused at least 31 deaths.

Gasoline price spikes rarely result from storms that reach the Carolinas, because the landscape is dotted with pipelines and terminals rather than refineries, as with the Gulf Coast region. The hurricanes of 2017 that struck Florida and Texas impacted U.S. crude processing, causing prices to rise sharply.

Prior th the arrival of Hurricane Florence, gasoline supply in the Lower Atlantic region that includes North Carolina, South Carolina, Virginia, Georgia, Florida, and West Virginia remained higher than average. The 27.9 million barrels were 10% hgiher than the five-year average for this time of year, according to the U.S. Energy Information Administration.

"Gasoline stocks in the hurricane-impacted area are healthy, but delivery of gasoline will be an impediment to meeting demand in coastal areas this week," said Jeanette Casselano, AAA spokesperson. "As power is restored, water recedes and roads open-up, we will have a better idea of how quickly fuel deliveries can be made to gas stations in the area. And while fuel availability at stations is a concern, AAA expects station outages to be short-lived."

The national average price of a gallon of regular unleaded stayed at $2.26 per gallon for the week ending Feb. 4, even as most states saw slightly lower gasoline prices. Only eight states saw their gasoline prices increase during the week.

The price of regular gasoline continued to decline over the holidays and reached an average of $2.266 per gallon for the week ending Dec. 31, which was 5.5 cents lower that the prior week, according to the U.S. Energy Information Administration.